LPT: Principal Residence and B&B ?

[Lane7]

Does anybody know how LPT will be assessed in the case of a house which is also used as a B&B i.e. about 80% of the house is used for business purposes and the remaining 20% is the private part of the dwelling in which the owner lives. Will the full value of the property be liable to LPT because it is all residential property? Any comments would be appreciated

 

[dereko1969]

The value of the property is the value of the property, doesn't matter if it's used as a business or not. If you sold it it could be used as a home.

 

[mandelbrot]

Does anybody know how LPT will be assessed in the case of a house which is also used as a B&B i.e. about 80% of the house is used for business purposes and the remaining 20% is the private part of the dwelling in which the owner lives. Will the full value of the property be liable to LPT because it is all residential property? Any comments would be appreciated

Are you paying local authority rates for the B&B as a commercial premises? If so I'd have thought you wouldn't be liable for LPT... if you're not paying business rates then it seems logical you'd be liable to LPT (i.e. you have to pay one or the other but not both).